CHARGE CHECK: Bank customers may get one-time payments from $21m hidden fee settlement – Know Eligibility

According to THE SUN, Bank of America (BOA) customers have a limited time to claim their share of a $21 million settlement concerning concealed wire transfer fees. The settlement arises from allegations that BOA charged fees that breached account agreements, impacting millions of current and former customers.

Eligibility

Current and former BOA account holders with consumer checking or savings accounts who were charged a wire transfer fee for incoming payments between March 8, 2019, and August 31, 2023, are eligible for compensation. This settlement aims to reimburse affected customers for the costs incurred due to the purported hidden fees.

Settlement Details

The lawsuit alleges that BOA violated account agreements by imposing a $15 fee on incoming wire transfers without proper disclosure to customers. The bank is accused of intentionally concealing these fees to profit from account holders without their knowledge or consent. While BOA denies any wrongdoing, they have agreed to a $21 million settlement to resolve the dispute and avoid further litigation.

Also read: BIG CASH – Robinhood Agrees to $3.9M Settlement with California on Crypto Disputes

Eligible customers will receive a “proportional share of the settlement fund,” with the amount varying based on the total fees charged. Specific payment amounts have not been estimated, as they will depend on individual fee totals.

How to Claim Your Share

• Current BOA Customers: If you were charged a wire transfer fee during the specified period, your share will be credited directly to your existing BOA account.
• Former Customers: Those who qualify will receive a check by mail.

To receive payment, eligible class members must not exclude themselves or object to the settlement by the September 21 deadline. Payments are expected to be distributed a few weeks after the final approval hearing on October 21, 2024.

Legal Fees and Previous Settlements

Approximately one-third of the $21 million settlement will cover legal fees. This is not the first instance of BOA facing settlement issues related to fees. Earlier this year, the bank settled another class-action lawsuit for $8 million over alleged unfair ACH transfer fees. As part of that settlement, BOA agreed to stop charging ACH transfer fees, saving customers nearly $21 million in the long run.

What to Do Next

Eligible BOA customers should review their options carefully before the September 21 deadline. They can choose to accept the settlement, opt out, or file an objection. Those who do not act by the deadline will automatically receive their share if they qualify.

Also read: HURRY UP: Americans Eligible for One-Time Payment from $9.2M Skincare Settlement – No Receipt Needed

For further information, customers can monitor updates and ensure they receive any payments due. The U.S. Sun has reached out to Bank of America for additional comments on the settlement and its impact on customers.

Additionally, there are other settlements Americans may be eligible for, including a $14.95 million filing settlement for taxpayers and a $40 million privacy settlement for Badoo users.